Heraklion Court of First Instance, through its no.4\/2019 judgement, ratified the resolution agreement between the country\u2019s most historical Cooperative Organisation and its creditors. The achieved debt restructuring \u2013 which from the very beginning had been handled by our law firm- reaches the amount of 36 million euros with a significant impairment concerning the banks, the State and the private creditors.
\nThis judgement is also particularly important from a legal aspect, because:
\na) It\u2019 s the first one historically to reduce a basic debt owed to the State (specifically, to the Custom) per 50% and not only the 100% of the interests, fines and increments.
\nb) It clarifies that the courts\u2019 role should be restricted by the orders of modern European legislation and it can\u2019t alter the content of an agreement by unilaterally modifying its terms. It can only set a time limit for clarification or correction of issues like an incorrect indication of claims at the creditors\u2019 list. The court can\u2019t modify substantially the agreement to which the contracting parties intended, even if the rest of the affected creditors ask for it.
\nc) It repeats the most recently consolidated in jurisprudence legal opinion according to which withholding taxes are regulated under a resolution agreement even if they don\u2019t constitute a third party\u2019s tax claim, since according to the Greek Civil Procedure Code and the Bankruptcy Code, the State is classified with privileges and receives the specific amounts from the debtor\u2019s property (not from the third party\u2019 s property, which was initially the debtor).<\/p>\n","protected":false},"excerpt":{"rendered":"Heraklion Court of First Instance, through its no.4\/2019 judgement, ratified the resolution agreement between the country\u2019s most historical Cooperative Organisation and its creditors. The achieved debt restructuring \u2013 which from the very beginning had been handled by our law firm- reaches the amount of 36 million euros with a significant impairment concerning the banks, the…","protected":false},"author":1,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"portfolio-types":[35],"class_list":["post-70616","portfolio","type-portfolio","status-publish","hentry","portfolio-types-our-news"],"acf":[],"yoast_head":"\n